Adidas said its operating profit fell by 28% in the second quarter to €392m, as results suffered from suspending business in Russia, higher supply chain costs and Covid-19 lockdowns in China and Vietnam.

The German sportswear firm said currency-neutral sales rose 4% in the quarter but net income from continuing operations declined to €360m from €387m during the same time last year.

The company had cut its 2022 outlook in July, citing slower than expected recovery in China, and now expecting currency-neutral revenues to grow at a mid to high-single-digit rate this year.